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Might the impact of the financial stress on exchange markets be asymmetric and exposed to regime changes? Departing from the existing literature, highlighting that the domestic and foreign financial stress in terms of money market have substantial effects on exchange market, this paper aims to investigate the impacts of the bond yield spreads of three emerging countries (Mexico, Russia, and South Korea) on their exchange market pressure indices using monthly observations for the period 2010:01–2019:12. Additionally, the paper analyses the impact of bond yield spread of the US on the exchange market pressure indices of the three mentioned emerging countries. The authors hypothesized whether the negative and positive changes in the bond yield spreads have varying effects on exchange market pressure indices.

To address the research question, we measure the bond yield spread of the selected countries by using the interest rate spread between 10-year and 3-month treasury bills. At the same time, the exchange market pressure index is proxied by the index introduced by Desai et al. (2017). We base the empirical analysis on nonlinear vector autoregression (VAR) models and an asymmetric quantile-based approach.

The results of the impulse response functions indicate that increases/decreases in the bond yield spreads of Mexico, Russia and South Korea raise/lower their exchange market pressure, and the effects of shocks in the bond yield spreads of the US also lead to depreciation/appreciation pressures in the local currencies of the emerging countries. The quantile connectedness analysis, which allows for the role of regimes, reveals that the weights of the domestic and foreign bond yield spread in explaining variations of exchange market pressure indices are higher when exchange market pressure indices are not in a normal regime, indicating the role of extreme development conditions in the exchange market. The quantile regression model underlines that an increase in the domestic bond yield spread leads to a rise in its exchange market pressure index during all exchange market pressure periods in Mexico, and the relevant effects are valid during periods of high exchange market pressure in Russia. Our results also show that Russia differs from Mexico and South Korea in terms of the factors influencing the demand for domestic currency, and we have demonstrated the role of domestic macroeconomic and financial conditions in surpassing the effects of US financial stress. More specifically, the impacts of the domestic and foreign financial stress vary across regimes and are asymmetric.

This study enriches the literature on factors affecting the exchange market pressure of emerging countries. The results have significant economic implications for policymakers, indicating that the exchange market pressure index may trigger a financial crisis and economic recession.

This study investigates the impact of US dollar volatility and oil rents on the performance of small and medium-sized enterprises (SMEs) in the Gulf Cooperation Council (GCC) region, with an emphasis on understanding how these factors influence SME financing constraints in economies with fixed currency regimes.

Employing a random effects panel regression analysis, this research considers US dollar volatility and oil rents as independent variables, with SME performance, measured through the financing gap, as the dependent variable. Controls such as trade balance, inflation deltas and gross domestic product (GDP) growth are included to isolate their effects on SME financing constraints.

The study reveals a significant positive relationship between dollar volatility and the financing gap, suggesting that increased volatility can exacerbate SME financing constraints. Conversely, oil rents did not show a significant direct influence on SME performance. The trade balance and inflation deltas were found to have significant effects, highlighting the multifaceted nature of economic variables affecting SMEs.

The study acknowledges potential biases due to omitted variables and the limitations inherent in the use of secondary data.

Findings offer pertinent guidance for SMEs and policymakers in the GCC region seeking to develop strategies that mitigate the impact of currency volatility and support SME financing.

The research provides new insights into the dynamics of SME performance within fixed currency regimes, which significantly contributes to the limited literature in this area. The paper further underscores the complex connections between global economic factors and SME financial health.

The basis for this study on electronic transferable records (ETRs) in the context of digitalizing cross-border trade is established in this chapter. It illustrates how the growing trend toward paperless trade and technological improvements is changing trade operations. This chapter focuses on the need to look into ETRs because of their capacity to influence business transactions while navigating complex legal issues. The specific goals of the study are outlined, including a review of the advantages, legality, difficulties and best practices of ETRs. This study aims to shed light on the possible advantages and disadvantages of ETRs, the legal framework that controls their use and the best practices for their efficient implementation. This study also seeks to provide informative recommendations for businesses and people that are considering using ETRs.

This study explores the evolving world of ETRs and their crucial function in international trade. Multidimensional technique is used to examine the transformative potential of ETRs from a variety of research angles. The research design is based on a comprehensive evaluation of the literature that includes a wide range of reliable sources, including academic papers, business reports and legal documents. The comprehensive retrieval of essential material is ensured through keyword searches in renowned academic databases and industry resources. The qualitative synthesis of secondary sources further enhances this methodology and allows for a complex examination of the implications of ETRs. The case study analysis provides practical information on the benefits, hazards and practical applications of ETRs. Multifaceted aspects are uncovered via a thematic approach and qualitative investigation, including potential advantages, hazards, implementation plans and regulatory frameworks.

ETRs offer a range of potential advantages for cross-border trade, encompassing augmented efficiency, reduced costs and heightened security. Nonetheless, their implementation also presents legal challenges and risks, spanning security and privacy concerns, legal ambiguities and technical complexities. Consequently, it is crucial for individuals and businesses to meticulously assess and mitigate these risks through the integration of robust security protocols, staying informed about legal developments and adhering to pertinent regulatory stipulations. In spite of these hurdles, the trajectory of ETR adoption is anticipated to remain on an upward trajectory, driven by increasing recognition of their potential benefits and the concurrent evolution of legal frameworks and technical standards.

Research limitations included the following: lack of adoption of ETRs internationally; and legal diversity and different legal systems results in different consideration of the ETRs. It makes reaching a unified ETR system more difficult.

It is necessary to develop clear policies and procedures and establish well-defined policies and procedures governing ETR use. These should encompass security guidelines, data protection measures and adherence to legal mandates. Regular review and updates are imperative. Stay current on legal developments: In light of the continuously evolving legal and regulatory landscape pertaining to ETRs, businesses and individuals must stay abreast of pertinent changes and seek professional counsel when necessary. Collaborate with partners and stakeholders: To ensure harmonization and standardization in ETR deployment, active collaboration with partners, regulators and industry associations is vital.

Enhance awareness and education: Investment in awareness and educational initiatives is crucial. Decision-makers should organize training programs, workshops and seminars to enhance understanding of ETRs’ potential benefits in cross-border trade among stakeholders. Socially, the use of ETR can achieve several political advantages for the society. It minimizes risks of corruption through enhancing tracing and auditing abilities for relevant authorities making it more difficult to engage in corrupt practices. That can promote integrity within government and public procurement system.

The development of standardized technical frameworks and interoperable platforms for ETRs could enhance their seamless integration into existing trade systems. Additionally, investigating the integration of emerging technologies like blockchain, IoT and AI into ETR ecosystems could unlock innovative solutions to security, authenticity and data management concerns. This study examines how ETRs can radically alter how trade is conducted on a global scale. This paper examines ETRs’ role in improving cross-border trade digitization by examining their advantages, legal difficulties and implementation techniques. The conclusions will aid firms, decision-makers and attorneys in navigating the constantly changing world of trade agreements. The study’s ultimate goal is to offer takeaways that support effective, secure and legally compliant integration of ETRs, ensuring that they operate as a catalyst for improved global trade efficacy and efficiency.

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial nonprofit, social cooperative and social business models delineated in the “Emergence of Social Enterprises in Europe” (Defourny and Nyssens, 2012, 2017a, 2017b) and the “principle of interest” frameworks (Defourny et al., 2021). Thereby, it seeks to situate these enterprises within recognized frameworks and elucidate their hybrid identities.

Analyzing panel data from 2016 to 2020 for 259 GCSEs, this study uses tslearn for k-means clustering with dynamic time warping to assess their developmental trajectories and alignment with established SE models, which echoes the approach of Defourny et al. (2021). We probe the “fluid” identities of semi-public sector SEs, integrating Gordon’s (2013) notion that they tend to blend various SE traditions as opposed to existing in isolation.

Results indicate that GCSEs do align with prevalent SE frameworks. Furthermore, they represent a spectrum of SE models, suggesting the versatility of the public sector in fostering diverse types of SEs.

The concept of a semi-public sector SE model has been relatively uncharted, even though it holds significance for research on SE typologies and public sector entrepreneurship literature. This study bridges this gap by presenting empirical evidence of semi-public SEs and delineating the potential paths these enterprises might take as they amalgamate various SE traditions.

This research investigates the Islamic banks’ intermediation role (e.g. branches and deposits) in financing. It also examines how financing contributes to the regions' economic growth and poverty alleviation as a predictor and mediator variable.

A total of 297 observations were extracted from 33 Indonesian districts and 14 Islamic banks during the period 2012–2020. Fixed-effect regression analysis was used to examine variable’s interactions.

The empirical results indicate that Islamic banks have adopted a channelling role towards redistributing capital from lender to borrower. Besides, there are crucial roles in developing economies and reducing poverty at the district level. This study also reinforces the critical role of financing in mediating the relationship between branches and deposits as predictor variables and GDP and poverty as outcome variables.

The current study was limited to Indonesian Islamic banks and the district’s perspective. Future research needs to cover sub-districts and other poverty measurements (e.g. human education and development perspectives), including conventional and Islamic banks. It can help practitioners, regulators and researchers observe the dynamic behaviour of the banking sector to understand its role in the economic and social fields.

Bank managers and regulators should promote branches, deposits and financing. It also enlightens people about the essential role of Islamic banks and their fundamental operations in business and economics.

This study contributes to economic literature, bank managers and local governments' decision-making processes by developing and testing an economic growth and poverty model.

This study aims to examine the impact of corporate governance (CG) on anti-corruption disclosure (A-CD), paying particular attention to the FTSE 100. Notably, it examines how board and audit committees’ characteristics affect the quantity and quality of anti-corruption disclosure.

Data from FTSE 100 firms, spanning the period from 2014 to 2020, were analysed using the regression of the Poisson fixed effect and GEE analyses.

The findings show that gender diversity, audit committee expertise and the independence of the audit committee are positively associated with both quantity and quality of anti-corruption disclosure. Notably, no statistically significant relationships were identified between anti-corruption disclosure and factors such as board size, role duality or board meetings.

The findings provide valuable insights for decision-makers and regulatory bodies, shedding light on the elements that compel UK companies to enhance their anti-corruption disclosure and governance protocols to alleviate corruption and propel efforts towards ethical behaviour.

This study makes a notable contribution to the sparse body of evidence by examining the influence of board and audit committee attributes on anti-corruption disclosure subsequent to the implementation of the UK Bribery Act in 2010. Specifically, to the best of the authors’ knowledge, this study assesses for the first time the impact of board and audit committee mechanisms on both the quantity and quality of anti-corruption disclosure.

This paper aims to document international evidence of the impact of a board-level governance bundle [size, independence, CEO duality, gender diversity and sustainability committee (SC)] on sustainability reporting (SR) and, separately, on its three dimensions (economic, environmental and social).

The sample includes 370 listed firms from 50 countries. A GRI standards-based disclosure index was constructed to quantify SR across various reporting media.

The baseline findings show that SC positively affects SR and its three dimensions. Board size also has a significant and positive impact on SR and two of its dimensions (economic and social). Similarly, board independence and CEO duality have a significant but negative association with SR and the same two dimensions. Finally, board gender diversity has no significant impact on SR and all its three dimensions.

The findings that only SC significantly influences SR, and its three dimensions, have important implications for corporate governance reforms internationally to improve SR in countries where such committees are not yet part of the board of directors’ sub-committees.

Overall, this study contributes to board characteristics–SR literature and holds significant theoretical and practical implications.

This study is the first to investigate the causal relationship between Bitcoin and equity price returns by sectors. Previous studies have focused on aggregated indices such as S&P500, Nasdaq and Dow Jones, but this study uses mixed frequency and disaggregated data at the sectoral level. This allows the authors to examine the nature, direction and strength of causality between Bitcoin and equity prices in different sectors in more detail.

This paper utilizes an Unrestricted Asymmetric Mixed Data Sampling (U-AMIDAS) model to investigate the effect of high-frequency Bitcoin returns on a low-frequency series equity returns. This study also examines causality running from equity to Bitcoin returns by sector. The sample period covers United States (US) data from 3 Jan 2011 to 14 April 2023 across nine sectors: materials, energy, financial, industrial, technology, consumer staples, utilities, health and consumer discretionary.

The study found that there is no causality running from Bitcoin to equity returns in any sector except for the technology sector. In the tech sector, lagged Bitcoin returns Granger cause changes in future equity prices asymmetrically. This means that falling Bitcoin prices significantly influence the tech sector during market pullbacks, but the opposite cannot be said during market rallies. The findings are consistent with those of other studies that have established that during market pullbacks, individual asset prices have a tendency to decline together, whereas during market rallies, they have a tendency to rise independently. In contrast, this study finds evidence of causality running from all sectors of the equity market to Bitcoin.

The findings have significant implications for investors and fund managers, emphasizing the need to consider the asymmetric causality between Bitcoin and the tech sector. Investors should avoid excessive exposure to both Bitcoin and tech stocks in their portfolio, as this may lead to significant drawdowns during market corrections. Diversification across different asset classes and sectors may be a more prudent strategy to mitigate such risks.

The study's findings underscore the need for investors to pay close attention to the frequency and disaggregation of data by sector in order to fully understand the true extent of the relationship between Bitcoin and the equity market.